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- Dogecoin shows bullish momentum with a confirmed cup and handle breakout, potentially targeting $0.3836.
- Community and high-profile support fuel Dogecoin’s growing presence and market interest.
Popular crypto analyst CobraVanguard has pointed out on TradingView a change in the price pattern of Dogecoin (DOGE), highlighting the pattern of a noteworthy cup and handle (C&H).
Based on analysis by CobraVanguard, DOGE’s price has gone beyond the initial resistance of the cup and handle pattern. DOGE might possibly rise by another 17 cents, therefore establishing a goal of almost $0.3836 based on the range between points A to B, estimated at 17 cents.
Meanwhile, DOGE is trading at about $0.2833 at the time of writing, a strong 23.98% increase over the last 24 hours. Along with its trading volume, which shot 221% to hit $18.56 billion. This amazing expansion has confirmed Dogecoin’s top ranking among cryptocurrencies by pushing its market cap above the $41 billion mark.
Dogecoin Rise: Driven by Community Events and Musk’s Support
Dogecoin is also leading the memecoin industry in this recent performance, sharing the limelight with Shiba Inu (SHIB), which both showed double-digit increases over the last 24 hours.
The rise of Dogecoin coincides with growing interest in and festivities among its community, most notably “Doge Day” on November 2. Celebrated annually in honor of the Doge meme and community, this day consists of several web activities and social media initiatives meant to increase knowledge and acceptance of Dogecoin.
Beside that, Elon Musk, CEO of Tesla and SpaceX, has indicated support for the creation of a “Department of Government Efficiency” (D.O.G.E.) after Donald Trump prevailed in the election, as we previously highlighted.
Given the similar acronym, Musk’s comment has spurred conjecture that Dogecoin would be involved in such an effort. Together with Dogecoin’s market performance, this political change has galvanized the DOGE community even more and might keep adding positive sentiment.
Parallel with this, CNF has revealed that Binance now offers Dogecoin as part of its Smart Arbitrage products, giving traders more choices and maybe improving liquidity and flexibility for DOGE transactions.
